High-performance analytical apps are increasingly integral to decision-making in organizations as business transactions shift online. Executives need enhanced data analytics to make crucial and instant decisions in response to the dynamic forces in the digital marketplace. The traditional corporate performance management (CPM) and business intelligence systems cannot cope with the sudden rise in data volumes necessary for enterprise resource planning and forecasting on current digital platforms.
In-memory data management provides superior capacity and capability in handling large volumes of data at faster speeds than disk-based systems could achieve. In-memory uses the internal random access memory (RAM) that operates on high-speed processing row-based storage architecture devoid of lag-time penalty. In-memory is the innovative go-to new technology for business analytics and decision-making on the digital platform today.
Enhanced in-memory analytics
Previously, in-memory computing ran on a 32-bit architecture with limited capacity and capability. However, today’s in-memory computing provides super-fast performance thanks to the modern 64-bit built and comes with larger memory space. Bigger storage space and faster retrieval speeds optimize the performance of dashboard analytics and CPMs, enhancing business decisions. Working in RAM also eliminates dependency on IT personnel and speeds decision-making in emergencies.
In-memory analytics provides a simplified alternative to OLAP’s pre-calculated data storage by directly loading data elements into memory. Shifting access from disks to internal memory raises performance and simplifies application maintenance, ERP reporting, and analytics. The enhanced 64-bit architecture allows for long-term data storage in memory with external backup and runtime retrieval speeds. The added advantage is the recent reduction in in-memory prices that raises their acceptance.
Data integration from multiple sources
To build a strong brand and make informed decisions on emerging situations, executives require real-time combined data from multiple departments across the organization. Accessing information from varied sources such as data warehouses, news feeds, social media, and spreadsheets can pose a challenge and hamper critical decision-making. The combined and blended data sources create an integrated structure that is efficient for real-time analytics.
In-memory blending allows the integration of various dimensional databases such as SQL, Excel, and Oracle for broad-spectrum data analysis. By using data preparation tools, you enjoy the advantages of easy retrieval from complicated formats and the blending of data within the database itself for comprehensive analytics. This ability to manipulate data across different sources and formats enhances business decision-making and better corporate process management. In-memory enabled data blending eliminates the need for techies or data experts and allows non-tech users to share critical business data across departments over the CRM. Data Warehousing Tools are critical for many companies today
Boosts operational efficiency
Operational efficiency is the backbone of a successful enterprise and one that every CEO strives to achieve. At its core, operational efficiency relies on the right data analytics personnel, healthy financials, enhanced processes, and innovative technology to succeed. Continuous improvements aimed at balancing all production and delivery elements will determine the financial viability of your business. A vital element for operational efficiency is the limitation or elimination of wastage coupled with prudent cost management.
Constant learning is integral to sustainable operational efficiency, while data is a key resource in this quest. Every operational process generates data that provide insights for better decision-making and tactical review. Using in-memory computing helps gather data from multiple operational points to provide accurate analytics on efficiency with pointers to areas that require improvement. This intel is crucial when deciding on automation of any processes or termination of unnecessary ones that slow down the flow. In-memory computing allows for unfettered access to data on user-friendly dashboards across the production chain and provides metrics for monitoring efficiency.
Faster comparative analytics
Every business executive needs valuable insights from internal and external sources as they emerge to make sound decisions. Internal insights help identify existing and possible weaknesses while pointing at probable solutions. External insights provide valuable business intelligence on the competition and help keep you a step ahead of the pack. Gleaning these insights from databases requires an efficient in-memory data management system that gathers and collates from multiple sources in runtime.
In-memory data management carries great potential today as business moves to digital platforms that operate on massive data. To enhance forecasting and mitigation capability in the short period and long-term business strategies, you need a real-time query response. The correct information for decision-making is perfect, but accurate information at the right time whenever required is a powerful business asset in the fast-paced digital marketplace. The agility of in-memory data management takes business intelligence gathering to a new level with unparalleled speeds and integration scope.
Enhanced data-driven cost management
Getting analytics on the fly means you are on top of your business operations and finances. Faster collection and collation of data allows you a bird’ eye view of the organization’s processes and an informed perspective to make urgent decisions. Instant access to data eliminates historical analysis that may come in too late for appropriate intervention. Real-time data indicates areas of wastage in the production process flow as they happen and, with prompt mitigation, saves on costs.
Although CRMs are integral to customer relationships, previous platforms could not provide specific runtime customer analyses. The disk-based technologies do not integrate transactional data and the analytical database for faster responses and instead generate periodic reports that mean delayed decisions. However, the new in-memory technology makes it easy to access CRM data for real-time actionable insights from any device remotely.
Improved data quality
Data processing is the most vital link to business operations as organizations increasingly turn to data analytics for digital transformation. Data quality becomes a critical component in the data management process and governance regimes to ensure consistency across the organization. Good data quality helps enforce correct procedures, accurate records, and standards for regulatory compliance that protect an organization’s interests.
Validating data spread across many disparate sources is costly and a daunting task. However, using an integration hub, in-memory technology can gather your data asset inventory for faster audit. Use in-memory technology to set high-quality data standards to enhance analytics tools and especially your BI dashboards for better decision making.
